shivam gupta (190 Points)
18 May 2019
Madhuri Sol
(other)
(284 Points)
Replied 18 May 2019
Is that your aggregate savings or any payments were made out of the cash deposits?
If payments were made from it, then it could be your turnover part.
You can file ITR 4 provided you have aggregate cash sales amount during year.
Madhuri Sol
(other)
(284 Points)
Replied 18 May 2019
Get some estimates of cash bills paid, and as such aggregate turnover can be arrived at.
Based on the turnover figure, you can file ITR4 by declaring minimum 8% profit margin.
Nayan Reddy
(accounts)
(274 Points)
Replied 19 May 2019
Actual tax liability can be zero, if no other income; but the income has to be assessed first.
CAclubindia
